Judgment Search Results Home > Cases Phrase: state agricultural credit corporations act 1968 section 10 managing director Sorted by: recent Court: income tax appellate tribunal itat delhi Page 1 of about 146 results (0.272 seconds)

New India Industries Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2007)112TTJ(Delhi)917

..... by or under the laws of a country outside india or a non-scheduled bank or a co-operative bank other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank, an amount not exceeding seven and one-half per cent of the total income (computed before making any ..... in relation to such debts, shall be chargeable to tax in the previous year in which it is credited by the public financial institution or the scheduled bank or the state financial corporation or the state industrial investment corporation or the public company to its p&l a/c for that year or, as the case may be ..... bad and doubtful debts made by scheduled bank, a non-scheduled bank, a co-operative bank, a foreign bank, a public financial institution, a state financial corporation, a state industrial investment corporation etc., are allowable as such within the limits prescribed therein. if the legislature intended to provide such benefit of allowing provision for bad and doubtful .....

ito Vs. Smt. Saraswati Ramanathan

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)300ITR410(Delhi)

..... in bonds, targeted exclusively on agricultural finance and highway infrastructure". in 2001 the section was widened to include bonds issued by rural electrification corporation ltd. and while explaining the amendment made by the finance act, 2001 by circular no. 14/2001 dated 12-12-2001 (252 itr st.65) the board stated in paragraph 39.2 that ..... of the capital asset must be invested certain specified assets such as bonds of nabard, national highways authority of india, rural electrification corporation ltd., national housing bank etc. these are corporations established by the government of india for development of infrastructure in the country and to muster funds for the purpose an incentive to invest ..... is an individual. during the previous year relevant to the assessment year 2004-05 she sold 500 shares of itc ltd. for ea.5,43,125 and credited the proceeds to her bank account with icici bank, gurgaon. she had inherited the shares from her husband who passed away on 1-4-1993. she invested .....

Deputy Commissioner of Income Tax Vs. Royal Jordanians Airlines

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)283ITR28(Delhi)

..... rja in this behalf. the budget of indian railways had to be passed by the indian parliament every year; whereas section 19 of royal jordanian airlines corporation ordinance clearly stated that the corporation shall have an independent budget to be approved by the council of ministers. the learned cit(a) also noted that rja had no occasion to ..... , there was no need to make a provision in section 3 of the bengal agrl. it act, iv of 1944, specifically making every ruler of an indian state liable to agricultural income-tax. on the other hand, it would appear to us that this provision would itself militate against the assumption of immunity from taxation of the property ..... , there was no need to make a provision in section 3 of the bengal agrl. it act, iv of 1944, specifically making every ruler of an indian state liable to agricultural income-tax. on the other hand, it would appear to us that this provision would itself militate against the assumption of immunity from taxation of the property .....

Market Committee and ors. Vs. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2005)94TTJ(Delhi)692

..... 1. explanation to s. 10(20) of the it act inserted w.e.f. 1.4.2003, making intention of legislature clear that income of punjab state agriculture board is taxable w.e.f. 1.4.2003 2. assessee not registered as charitable trust with registrar of trusts nor with registrar of societies.3. ..... higher learning)." 6. it was further submitted that chartered accountants society created under a statute, sport bodies, federation of chamber of commerce, other chambers, transport corporations created under statutes, trade associations, etc., have been treated as charitable institutions by different high courts and the hon'ble supreme court of india. the mere ..... dictionaries is understood as under : an establishment, especially one of the eleemosynary or public character or one affecting a community. an established or organized society or corporation. it may be private in its character, designed for profit to those composing the organization, or public and charitable in its purposes. an organized society, .....

Haryana Warehousing Corporation Vs. Deputy Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1997)61ITD420(Delhi)

..... buy or sell commodities for itself. he further submitted that the hon'ble high court had held that the u.p. state warehousing corporation having been established under the 1962 act to function for running warehouses, for storage of agricultural produce and for their transport, was an authority established for marketing of commodities and that it was entitled to exemption in ..... by the department relates to deletion of the addition of rs. 27,01,231 earned on account of supervision charges.13.1 the ao had held that supervision charges credited to the p&l a/c were not part of income earned by the assessee by letting out warehouses and the same were not exempt under s. 10(29 ..... the element of storage charges included in the sale proceeds of wheat received from the fci was included in the warehousing charges and that only the other receipts had been credited to wheat trading account.4.3 the learned cit(a) also noted that in the case of the assessee the entire income under s. 10(29) was exempted .....

Heminder Kumari Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1996)57ITD409(Delhi)

..... 2(14)(iii) wherein it has been mentioned that the amendment seeks to bring within the term "capital asset" agricultural land situated within the limits of any municipality (whether known as a municipality, municipal corporation, notified area committee, town area committee, town area committee, town committee or by another name) or a cantonment ..... . the learned counsel submitted that the relevant municipality in this case is the delhi municipal corporation, established under the delhi municipal corporation act (no. 66 of 1957). he then referred to the preamble of the act, which states that the act is, for the purposes of consolidating and amending the law relating to the ..... us to be unexceptionable and rational. we affirm that interpretation. it will be seen from the above extracts that their lordships have categorically stated that the above portion states the correct position and the interpretation put upon the provisions of section 2(14)(iii)(a) is unexceptionable and rational. in view of .....

Agricultural Produce Marketing Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1996)57ITD109(Delhi)

..... dated 16-6-1970, issued under section 194a(3)(iii)(f) of the i.t. act, 1961 whereunder the market committees established under the state agricultural produce markets acts in various states have been notified for the purposes of the said sub-clause (f).4.6 the learned counsel further referred to the provisions of section 2(31) ..... it is legally entitled to or entrusted by the government with the control and management of a municipal or local fund. the authorities must have separate legal existence as corporate bodies. they must not be mere governmental agencies but must be legally independent entities. next, they must function in a defined area and must ordinarily, wholly or ..... under sections 34 and 35. there are also provisions for the market fund under section 39 wherein all fees and other moneys received by the market committee are credited. the market committee defrays some percentage of the market fund, as a contribution, to the market board constituted under section 5 of that act. it is .....

Sunit Engineering and Industrial Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1994)48ITD107(Delhi)

..... the course of the examination. i am deliberately not referring to them because i thought they are not necessary for my present purpose. i may also state at this juncture that all these creditors appear to have filed affidavits before the income-tax officer, corroborating their statements that they advanced the moneys to ..... in supporting the assessment and the learned commissioner of income-tax (appeals)'s order with reference to the same when as per the accepted position and as stated by the departmental representative in writing, the revenue did not refer to such evidence and statements.10. before the bench, shri jatinder singh, senior departmental representative ..... 38. these credits appeared on different dates in their accounts. the dates were given in the assessment order. these parties also were produced before the income-tax officer. they were all examined by him.they all admitted having given the money to the assessee. they all said that they had income from agricultural sources, but .....

Associated Agricultural Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1989)31ITD29(Delhi)

..... of commerce and industry, conveyed to the company a sanction of rs. 2 lakhs "as grant-in-aid". this letter was captioned as follows : state trading corporation - initial establishment and miscellaneous expenditure - transfer of funds - sanctioned.the amount in question was sanctioned before the company had commenced its trading activities. ..... context otherwise requires -- (4) (i) scientific research means any activities for the extension of knowledge in the fields of natural or applied science including agriculture, animal husbandry or fisheries; (ii) references to expenditure incurred on scientific research include all expenditure incurred for the prosecution, or the provision of facilities ..... decision taken by the earlier bench cannot be assailed or deviated from as incorrect.7. we fully, appreciate this argument and give due credit to the learned departmental representative for having advanced this brilliant argument. we agree with him for the aforementioned reasons that the assessee is an .....

Sumitomo Corporation India Private Limited Vs. Deputy Commissioner of ...

Court : Income Tax Appellate Tribunal ITAT Delhi

..... based on the total invoice price or quantity of merchandise. most of sumitomo india's commission receivable on these transactions are from sumitomo corporation. it was stated in the transfer pricing report that sumitomo india provides marketing support services for facilitating both exports and imports in india through sumitomo ..... however, the assessee has contended that the reason of difference between them was attributable to volume of business handled in ae segment and non ae segment and credit risk associated in non ae segment. therefore, it has been argued that economic adjustment is required to improve the comparability between commission earned in ae segment ..... /drp has failed to appreciate the difference in risk profile of the indent and proper transactions. in particular, in the indent based transactions there are negligible credit risk and foreign exchange risk on account of fluctuation of rate of exchange. in fact, in the indent based transactions, the function is to merely follow .....